Praet invokes Minsky to show importance of banking union

Banking union and structural reforms prerequisite for eurozone convergence

Peter Praet, European Central Bank

Sustainable convergence of the eurozone's economies will require structural reforms in national economies and a well-supervised, integrated financial market achieved through banking union, according to European Central Bank chief economist Peter Praet.

Speaking on Thursday April 10 at the Hyman Minsky conference in Washington, DC, Praet said the failure to achieve ‘real' economic convergence in the first decade of European monetary union can be put down to an incomplete single market in goods

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